Initial Financial Review Update
Ongoing Audit and Financial Review in Progress
The association has completed an initial financial review of records from January 2025 to the present. Based on the current assessment, most records remain manual and handwritten, with limited digital documentation available for consolidation and reporting.
At this stage, records from January to June 2025 are marked as audited but still require validation. Records from July 2025 to the present are pending full audit and verification. During the review, some inconsistencies were identified, including duplicate invoice numbers with different amounts and missing supporting documents. These items are now part of the ongoing audit and validation process.
This initiative reflects MAHOAI's commitment to establishing accurate, transparent, and reliable financial reporting moving forward.
Current Actions Undertaken
The Board is currently addressing the identified gaps through the following actions:
- Conducting a detailed audit and validation of past financial records
- Reviewing daily operational activities and documentation procedures
- Identifying and tracking missing documents and discrepancies
- Assessing actual collection performance versus expected dues
- Preparing structured financial reports and consolidated records
- Planning the transition from manual record-keeping to a digital system
What Homeowners Should Expect Next
As the review progresses, homeowners can expect clearer and more structured financial visibility, including:
- Verified reports on actual collections versus expected dues
- A summary of cash on hand, bank balances, and deposits
- A breakdown of expenses and operational costs
- Identification of gaps and areas for improvement
- Regular updates on the status of the audit and corrective actions
Why This Update Matters
This process is an important step toward restoring financial clarity, strengthening internal controls, and improving accountability within the association.
By ensuring that all records are properly reviewed and validated, the Board aims to build a more reliable financial system that supports better decision-making and the long-term sustainability of the community.
Next Steps
The target is to complete a comprehensive audit and structured financial report by May 15, 2026, once all records have been reviewed and validated.
Further updates will be shared as the review progresses.
- Finance
- Audit
- Transparency